Global  

EU unveils 750 bln euro plan for coronavirus recovery

Video Credit: Reuters Studio - Duration: 02:00s - Published
EU unveils 750 bln euro plan for coronavirus recovery

EU unveils 750 bln euro plan for coronavirus recovery

The European Commission on Wednesday unveiled a plan to borrow on the market and then disburse to EU countries 750 billion euros in grants and loans to help them recover from their coronavirus slump.

Francis Maguire reports.

0
shares
ShareTweetSavePostSend
 

The European Union unveiled a 750 billion euro recovery package on Wednesday (May 27).

Every member state will get grants and loans to help them bounce back from this year's economic downturn.

Another aim is to protect the EU's single market from being split by varying economic growth and wealth levels.

That as the bloc is expected to emerge from its deepest-ever recession this year.

EU Commission President Ursula Von der Leyen.

"The Commission is today proposing a new recovery instrument called 'Next Generation EU' worth 750 billion euros.

It will sit on top of our revamped long-term EU budget of 1.1 trillion (euros)." Two-thirds of the 750 billion euros would be in grants financed by joint borrowing and one-third in loans.

But the grants are controversial.

States including Denmark and Austria would rather see low-interest loans paid out to lower-income countries.

The Commission says grants are better because Italy, Spain, Greece, France and Portugal already have high debts, and are heavily reliant on tourism that was brought to a halt the pandemic.

They will find it harder than more frugal northern nations to restart their economies through borrowing.

"These grants are a joint investment in our future.

They have nothing to do with the debts of the member states in the past.

The grants go through the European budget and the budget limits the payment of each country according to a fixed scale.

All 27 EU member states must support the package for it to go through.

Big-hitters France and Germany both back the plan.




💡 One News Page Knowledge: Other News Mentions

European Union European Union Economic and political union of European states

Qatari royal family member authorized arms supply to Hezbollah - dossier

Qatar’s monarchy has financed weapons deliveries to the global terrorist movement Hezbollah, according to information uncovered by The Jerusalem Post. A..
WorldNews
Brexit briefing: 147 days until the end of the transition period [Video]

Brexit briefing: 147 days until the end of the transition period

The UK left the European Union on January 31. Here we look at the latestfigures and key dates in the ongoing Brexit process.

Credit: PA - Press Association STUDIO    Duration: 00:50Published
Brexit uncertainty: Study shows rise in UK citizens moving to EU countries since 2016 [Video]

Brexit uncertainty: Study shows rise in UK citizens moving to EU countries since 2016

Brexit has led to a sharp increase in the number of people moving from the United Kingdom to European Union countries, a new study suggests.

Credit: Euronews English    Duration: 01:20Published

Sweden's economy less hard-hit by coronavirus

After avoiding a Covid-19 lockdown, the country sees its economy shrink less than in other EU nations.
BBC News

European Commission European Commission Executive branch of the European Union

Google’s Fitbit deal probed by EU amid health-data fears

Google faces a lengthy European Union probe into its $2.1 billion takeover of Fitbit Inc amid concerns about how health data could strengthen the search..
WorldNews

EU launches full investigation into Google’s Fitbit acquisition over health data fears

Fitbit’s health-tracking business was losing money when Google swooped in to buy it.

The European Commission is launching a full investigation into..

The Verge

Google-Fitbit takeover: EU expands launches full-scale probe

The European Commission's move has the potential to derail the $2.1bn takeover.
BBC News

EU antitrust probe invades employee privacy, says Facebook

San Francisco: Facebook on Monday said it is asking EU courts to review “exceptionally broad” requests by antitrust regulators there that would scoop up..
WorldNews
EU insists European companies could replace Huawei in 5G network [Video]

EU insists European companies could replace Huawei in 5G network

Nokia and Ericsson can replace Huawei if the Chinese tech giant were to be sidelined for security reasons, the European Commission said on Friday.View on euronews

Credit: euronews (in English)    Duration: 01:25Published

Ursula von der Leyen Ursula von der Leyen President of the European Commission

EU survives COVID talks but not unscathed [Video]

EU survives COVID talks but not unscathed

Tense recovery talks have revealed deep political fractures in the European Union, questioning its ability to stay unified. Megan Revell reports.

Credit: Reuters - Politics    Duration: 03:29Published
Our partnership significant for world peace: PM Modi at India-EU Summit 2020 [Video]

Our partnership significant for world peace: PM Modi at India-EU Summit 2020

The Prime Minister, Narendra Modi addressed India-EU Summit 2020 via video conference on July 15. PM Modi said, "India and European Union are natural partners. Our partnership is significant for peace and stability of the world. This reality has become even more clear in the global situation today," said PM Modi at the 15th India-EU (virtual) summit. European side has been headed by President of the European Council Charles Michel and President of the European Commission Ursula von der Leyen. The Indian delegation at the summit will be led by Prime Minister Narendra Modi. India-EU summit was cancelled in March due to COVID-19 pandemic.

Credit: ANI    Duration: 01:17Published
It's four years since the Brexit vote. Now what? [Video]

It's four years since the Brexit vote. Now what?

[NFA] British Prime Minister Boris Johnson said a deal could be sealed in July with “a bit of oomph,” but European officials see no way through the Brexit deadlock. On the 4th anniversary of Britain’s historic vote, Megan Revell explains where things stand with Brexit.

Credit: Reuters Studio    Duration: 03:03Published
Black EU lawmaker reports Belgian police violence [Video]

Black EU lawmaker reports Belgian police violence

Pierrette Herzberger-Fofana, a German Green party deputy who was born in Mali, told the European Parliament on Wednesday that she was a victim of "extremely traumatic" police violence outside a Brussels railway station. Olivia Chan reports.

Credit: Reuters Studio    Duration: 01:34Published

Austria Austria Country in Central Europe

Manchester United 2-1 LASK: Ole Gunnar Solskjaer's side complete emphatic win

Manchester United come from behind to beat Austrian side LASK at Old Trafford, advancing to the quarter-finals of the Europa League 7-1 on aggregate.
BBC News
Four cheetah cubs make their first appearance in Austrian zoo [Video]

Four cheetah cubs make their first appearance in Austrian zoo

The four cubs were born on June 22 at the Schönbrunn zoo in Vienna.View on euronews

Credit: euronews (in English)    Duration: 00:50Published

Firearms exports to Brazil surge as gun ownership increases under Bolsonaro

Controversial relaxation of gun laws is fuelling fears among experts that moves will add to already shocking levels of violence Firearms exports from Austria to..
WorldNews

Denmark Denmark Scandinavian country

EU summit: 'I cannot say whether there will be a solution', Merkel says as third day begins [Video]

EU summit: 'I cannot say whether there will be a solution', Merkel says as third day begins

Charles Michel who chairs the summit is expected to reveal new proposals ahead of Sunday's meeting to bridge the gap between the 'frugal four' countries (Austria, Denmark, Netherlands and Sweden) and other countries who don't want to see big cuts and conditions added to the recovery fund.View on euronews

Credit: euronews (in English)    Duration: 01:30Published
Zindzi Mandela, Daughter Of Nelson And Winnie Mandela Dies At 59 [Video]

Zindzi Mandela, Daughter Of Nelson And Winnie Mandela Dies At 59

Zindzi Mandela, daughter of anti-apartheid icons Nelson and Winnie Mandela, has died at the age of 59. Zindzi, who was Nelson and Winnie Mandela's youngest daughter, died early Monday morning. She was born in 1960 to Nelson, South Africa’s first black president, and Winnie, an anti-apartheid activist. The 59-year-old woman was a political activist and South Africa's ambassador to Denmark. Zindzi Mandela is survived by her husband and four children. Her cause of death has not been released.

Credit: Wochit News    Duration: 00:32Published
Denmark drive-in football matches attracts crowds [Video]

Denmark drive-in football matches attracts crowds

Football has returned to Denmark behind closed doors and one club has found a creative solution to help fans enjoy the action.

Credit: Al Jazeera STUDIO    Duration: 02:20Published
Danish Prime Minister Postpones Weddings To Attend European Council Meeting [Video]

Danish Prime Minister Postpones Weddings To Attend European Council Meeting

Danish Prime Minister Mette Frederiksen postponed her wedding to attend the European Council meeting in July. According to CNN, EU leaders are to meet for the first time since the coronavirus outbreak. They plan to discuss the European budget and plants to recover from the COVID-19 crisis. Prederiksen said while she was “looking forward to marrying this man,” she needs to do her job and “protect Denmark’s interests.

Credit: Wochit News    Duration: 00:32Published

Germany Germany Country in Central Europe

Four ex-Audi managers charged with fraud over 'dieselgate' scandal

Three former board members at German car manufacturer Audi, along with a retired manager have been charged with fraud, criminal advertising and indirect false..
WorldNews

Lufthansa see revenues drop 80%, no full recovery until 2024

FRANKFURT, Germany -- German airline group Lufthansa on Thursday reported a net loss of 1.49 billion euros ($1.77 billion) for the second quarter, when the..
WorldNews
Commerzbank sees 2020 loss from Wirecard, virus [Video]

Commerzbank sees 2020 loss from Wirecard, virus

Commerzbank expects a writedown on loans to collapsed payments firm Wirecard and fallout from the coronavirus crisis to result in a loss for the year, compounding the challenges already facing Germany's second-largest bank. Francis Maguire reports.

Credit: Reuters Studio    Duration: 01:12Published

Instagram prepares to launch TikTok rival Reels in Ireland

Instagram is expanding its TikTok copycat to new countries, with the Republic set to get access to the video sharing feature. Instagram Reels, which was launched..
WorldNews

Walter Lübcke: Man on trial admits to killing German politician

Walter Lübcke, a pro-migrant politician, was shot at close range in his garden last year.
BBC News

You Might Like

Related news from verified sources

"Repair and Prepare": EU unveils 750 billion euro plan for coronavirus recovery

The European Commission unveiled on Wednesday a plan to borrow on the market and then disburse to EU...
Reuters India - Published Also reported by •WorldNewseuronews


Euro, Italian bonds cheer EU recovery fund plan

The euro and Italian government bonds continued on Tuesday to cheer German- and French-led plans for...
Reuters - Published Also reported by •Reuters India


The European Union's $826 billion stimulus plan to battle the coronavirus is 'too small and too late,' analysts say

The European Union's $826 billion stimulus plan to battle the coronavirus is 'too small and too late,' analysts say · The European Union on Wednesday proposed a 750 billion euro recovery package as the economic bloc...
Business Insider - Published


Tweets about this


Related videos from verified sources

Disney World Sets Reopening Date for July [Video]

Disney World Sets Reopening Date for July

According to 'People,' the theme park has submitted a safety plan to the Orange County Economic Recovery Task Force.

Credit: Cover Video STUDIO     Duration: 01:32Published
European Union unveils $824bn coronavirus recovery plan [Video]

European Union unveils $824bn coronavirus recovery plan

Package seeks to avoid a further splintering of economic growth and wealth levels among EU's 27 member states.

Credit: Al Jazeera STUDIO     Duration: 02:26Published
Coronavirus Interview: Miami Dade College Interim President Rolando Montoya [Video]

Coronavirus Interview: Miami Dade College Interim President Rolando Montoya

MDC is entering phase one of its pandemic recovery plan on Monday, which is also when the first summer session begins.

Credit: CBS4 Miami     Duration: 05:04Published